Ares Management (ARES)
Market Price (4/25/2026): $114.95 | Market Cap: $25.4 BilSector: Financials | Industry: Asset Management & Custody Banks
Ares Management (ARES)
Market Price (4/25/2026): $114.95Market Cap: $25.4 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 6.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 13% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57%, CFO LTM is 3.3 Bil, FCF LTM is 3.2 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more. | Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -28% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 50% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 48x Key risksARES key risks include [1] a history of regulatory actions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.0%, Dividend Yield is 6.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 44% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57%, CFO LTM is 3.3 Bil, FCF LTM is 3.2 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -50%, 3Y Excs Rtn is -28% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 50% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 48x |
| Key risksARES key risks include [1] a history of regulatory actions, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Ares Management reported preliminary realized net performance income for Q1 2026 of approximately $75 million, falling short of its earlier communicated expectation of about $100 million. This shortfall, though an increase from $41 million in Q1 2025, was attributed primarily to the timing of realized net performance income from certain European-style funds, now anticipated to be recognized later in 2026. This company-specific adjustment likely contributed to negative investor sentiment.
2. The company missed Q4 2025 earnings per share (EPS) expectations, reporting an EPS of $1.45 against a consensus estimate of $1.71, a miss of $0.26 per share. Despite revenue exceeding expectations at $1.50 billion compared to analysts' expectations of $1.38 billion, this earnings miss on February 5, 2026, weighed on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -27.7% change in ARES stock from 12/31/2025 to 4/24/2026 was primarily driven by a -22.5% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 159.46 | 115.23 | -27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,356 | 5,601 | 4.6% |
| Net Income Margin (%) | 12.1% | 9.4% | -22.5% |
| P/E Multiple | 53.9 | 48.3 | -10.3% |
| Shares Outstanding (Mil) | 220 | 221 | -0.6% |
| Cumulative Contribution | -27.7% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ARES | -27.7% | |
| Market (SPY) | 4.2% | 46.2% |
| Sector (XLF) | -6.1% | 57.2% |
Fundamental Drivers
The -26.5% change in ARES stock from 9/30/2025 to 4/24/2026 was primarily driven by a -32.4% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 156.72 | 115.23 | -26.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,828 | 5,601 | 16.0% |
| Net Income Margin (%) | 9.9% | 9.4% | -5.3% |
| P/E Multiple | 71.5 | 48.3 | -32.4% |
| Shares Outstanding (Mil) | 219 | 221 | -1.0% |
| Cumulative Contribution | -26.5% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ARES | -26.5% | |
| Market (SPY) | 7.0% | 46.3% |
| Sector (XLF) | -4.2% | 56.1% |
Fundamental Drivers
The -18.8% change in ARES stock from 3/31/2025 to 4/24/2026 was primarily driven by a -22.0% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 141.85 | 115.23 | -18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,885 | 5,601 | 44.2% |
| Net Income Margin (%) | 11.9% | 9.4% | -21.1% |
| P/E Multiple | 62.0 | 48.3 | -22.0% |
| Shares Outstanding (Mil) | 203 | 221 | -8.4% |
| Cumulative Contribution | -18.8% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ARES | -18.8% | |
| Market (SPY) | 28.1% | 64.9% |
| Sector (XLF) | 4.3% | 68.2% |
Fundamental Drivers
The 50.9% change in ARES stock from 3/31/2023 to 4/24/2026 was primarily driven by a 83.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.38 | 115.23 | 50.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,055 | 5,601 | 83.3% |
| Net Income Margin (%) | 5.5% | 9.4% | 71.7% |
| P/E Multiple | 80.7 | 48.3 | -40.1% |
| Shares Outstanding (Mil) | 177 | 221 | -20.0% |
| Cumulative Contribution | 50.9% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| ARES | 50.9% | |
| Market (SPY) | 79.8% | 63.8% |
| Sector (XLF) | 67.0% | 62.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ARES Return | 78% | -13% | 80% | 53% | -6% | -28% | 187% |
| Peers Return | 81% | -28% | 60% | 52% | -2% | -16% | 161% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| ARES Win Rate | 67% | 58% | 75% | 83% | 58% | 25% | |
| Peers Win Rate | 73% | 30% | 65% | 70% | 47% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ARES Max Drawdown | -5% | -33% | -1% | -4% | -33% | -39% | |
| Peers Max Drawdown | -5% | -37% | -5% | -6% | -30% | -28% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, APO, KKR, CG, BAM. See ARES Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/24/2026 (YTD)
How Low Can It Go
| Event | ARES | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -39.5% | -25.4% |
| % Gain to Breakeven | 65.4% | 34.1% |
| Time to Breakeven | 351 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -44.8% | -33.9% |
| % Gain to Breakeven | 81.1% | 51.3% |
| Time to Breakeven | 140 days | 148 days |
| 2018 Correction | ||
| % Loss | -33.2% | -19.8% |
| % Gain to Breakeven | 49.7% | 24.7% |
| Time to Breakeven | 136 days | 120 days |
Compare to BX, APO, KKR, CG, BAM
In The Past
Ares Management's stock fell -39.5% during the 2022 Inflation Shock from a high on 11/17/2021. A -39.5% loss requires a 65.4% gain to breakeven.
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About Ares Management (ARES)
AI Analysis | Feedback
1. Ares Management is like a Blackstone or KKR, but as an alternative asset manager specializing in credit, private equity, and real estate.
2. Think of Ares Management as an investment firm similar to Apollo Global Management, but focused on managing a diverse portfolio of private market investments including direct lending, private equity, and real estate.
AI Analysis | Feedback
Ares Management (ARES) provides the following major services:
- Tradable Credit Funds: Manages various investment funds focused on tradable and non-investment grade corporate credit markets.
- Direct Lending: Offers financing solutions to small-to-medium sized companies.
- Private Equity Investments: Makes majority or shared-control investments primarily in under-capitalized companies.
- Real Estate Equity Investments: Invests in new developments and the repositioning of commercial real estate assets.
- Real Estate Debt Investments: Originates and invests in financing opportunities for middle-market commercial real estate owners and operators.
AI Analysis | Feedback
Ares Management Corporation (ARES) primarily serves a diverse set of customers across its various investment groups. Based on the provided description, its major customers can be categorized as follows:
- Institutional Investors: These are entities that provide capital to Ares's funds and separately managed accounts. They include large organizations such as pension funds, endowments, foundations, sovereign wealth funds, and other financial institutions.
- Retail Investors: Individuals who invest in Ares's strategies through publicly traded vehicles and sub-advised funds.
-
Companies and Real Estate Owners/Operators Seeking Capital: This category encompasses the entities that receive financing solutions or investments from Ares. This includes:
- Small-to-medium sized companies (Direct Lending Group)
- Under-capitalized companies (Private Equity Group)
- Middle-market owners and operators of commercial real estate (Real Estate Group)
AI Analysis | Feedback
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Michael Arougheti, Co-Founder, Chief Executive Officer and Director
Michael Arougheti is a Co-Founder of Ares Management Corporation and has served as its Chief Executive Officer and a Director since 2018. He was instrumental in building Ares' private credit business after joining the firm in 2004. Prior to Ares, Mr. Arougheti was employed by Royal Bank of Canada ("RBC") from 2001 to 2004, where he was a Managing Partner of the Principal Finance Group of RBC Capital Partners, focusing on originating, structuring, and executing leveraged deals. Earlier in his career, he held roles at Indosuez Capital and Kidder, Peabody & Co. He is also a co-owner of Major League Baseball's Baltimore Orioles.
Michael McFerran, Executive Vice President, Chief Financial Officer and Chief Operating Officer
Michael McFerran joined Ares Management in March 2015 as Executive Vice President, Chief Financial Officer, and Treasurer. In 2018, he was also appointed Chief Operating Officer. Before joining Ares, Mr. McFerran was a Managing Director at Kohlberg Kravis Roberts & Co. L.P. ("KKR") from 2005, where he served as Chief Financial Officer of KKR's credit business and was the Chief Operating Officer and Chief Financial Officer of KKR Financial Holdings LLC. Prior to KKR, he spent the majority of his career at Ernst & Young LLP in its financial services industry practice. His experience at KKR, a significant private equity firm, involved managing a credit business, aligning with oversight roles in private equity-backed financial operations.
Antony Ressler, Co-Founder and Executive Chairman
Antony Ressler is a Co-Founder of Ares Management Corporation, which he established in 1997. He served as the Chief Executive Officer of Ares until 2018, when he transitioned to Executive Chairman. Mr. Ressler remains a significant individual shareholder and focuses on major client marketing, corporate strategy, and brand building for the firm.
Bennett Rosenthal, Co-Founder and Partner, Chairman of the Ares Private Equity Group
Bennett Rosenthal is a Co-Founder and Partner of Ares Management Corporation, established in 1997. He serves as the Chairman of the Ares Private Equity Group.
Kipp deVeer, Co-President
Kipp deVeer serves as Co-President of Ares Management Corporation. He is also the Global Head of Credit for the firm, overseeing its largest business segment.
AI Analysis | Feedback
Ares Management (ARES) faces several key risks inherent to its business as an alternative asset manager:
- Economic Downturns and Market Volatility: As an alternative asset manager with significant exposure to private equity, real estate, direct lending, and non-investment grade corporate credit, Ares Management's performance is highly sensitive to overall economic conditions and market volatility. A significant and prolonged economic downturn could lead to decreased valuations across its private equity and real estate portfolios, increased default rates in its direct lending and tradable credit investments, and difficulty in exiting investments profitably. This would directly impact its management fees and carried interest.
- Competition and Ability to Raise Capital: The alternative asset management industry is intensely competitive. Ares Management's growth and profitability are fundamentally dependent on its ability to continually attract and retain investor capital for new and existing funds. Intense competition for investor capital, a failure to demonstrate strong investment performance, or a perceived decrease in the attractiveness of its investment products could hinder its ability to raise new funds. This would limit its assets under management and consequently its future revenue from management fees and carried interest.
- Interest Rate Environment: Ares Management's investment strategies, particularly those in direct lending, private equity (which often involves leveraged acquisitions), and real estate, are sensitive to changes in interest rates. Rising interest rates can increase the cost of debt for companies within its private equity and direct lending portfolios, potentially reducing their profitability and increasing their risk of default. Additionally, changes in interest rates can affect the valuation of real estate assets and the cost of associated financing. Conversely, prolonged periods of very low interest rates could also impact returns in certain credit strategies or lead to asset bubbles.
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Ares Management Corporation (ARES) operates in several significant alternative asset markets globally.
Overall Alternative Asset Management Market
The global alternative assets under management (AUM) are projected to reach $24.5 trillion by 2028 and $32 trillion by 2030. In the U.S., alternative investment AUM currently exceeds $20 trillion and is estimated to approach $30 trillion by 2035. Furthermore, alternative assets under management within U.S. wealth management channels could rise to $3.03 trillion by 2029.
Private Equity Group
The global private equity market was valued at approximately USD 6,749.85 billion in 2025 and is projected to grow to USD 20,242.70 billion by 2034. North America held a dominant share of the global private equity market, valued at USD 3,260.08 billion in 2025. Private equity assets under management (AUM) globally are forecast to double from $5.80 trillion in 2023 to $11.97 trillion by the end of 2029.
Direct Lending Group
The global private credit market, which includes direct lending, reached nearly $1.7 trillion in assets under management (AUM) as of 2023 and is forecast to expand to $3 trillion by 2028. Direct lending is now estimated to be between $1.5 trillion and $2 trillion in size globally, with forecasts indicating it will reach $3 trillion by 2028. The North American direct lending market is estimated to be around $1.5 trillion currently and is expected to reach nearly $2 trillion by the end of the decade. According to one analysis, the addressable market for private credit could exceed $30 trillion in the U.S. alone.
Tradable Credit Group (Non-Investment Grade Corporate Credit)
The global corporate bond market size was valued at USD 41.04 trillion in 2025 and is projected to reach USD 101.91 trillion by 2034. High-yield bonds, a significant component of non-investment grade corporate credit, captured 53.99% of the corporate bond market share in 2026, implying a global high-yield corporate bond market of approximately $22.16 trillion (based on 2025 corporate bond market valuation). The high-yield bond market in the U.S. represents approximately $1.5 trillion of the $8.6 trillion public U.S. corporate debt market.
Real Estate Group
Private real estate assets under management (AUM) globally are forecast to reach $2.66 trillion by 2029, increasing from $1.61 trillion in 2023. Global real estate deal value reached $873 billion in 2025.
AI Analysis | Feedback
Ares Management Corporation (NYSE: ARES) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market tailwinds:
- Robust Fundraising and Growth in Assets Under Management (AUM) and Fee-Paying AUM (FPAUM): Ares Management consistently reports strong fundraising across its various strategies and investor channels, including institutional, wealth management, and insurance. The company achieved record fundraising of $113 billion in 2025 and expects another strong year in 2026, which could match or exceed these record levels. This sustained fundraising activity is a primary driver for increasing AUM and FPAUM, directly leading to higher management fees, a significant component of its revenue.
- Strategic Expansion into High-Growth Investment Areas and Geographies: Ares is actively expanding its investment platform into high-conviction sectors such as digital infrastructure and renewable energy. The acquisition of GCP International's international business in 2025 significantly broadened Ares' global real estate and digital infrastructure capabilities, providing access to new markets and investment opportunities. Additionally, the firm is prioritizing international expansion, notably in Japan, where it aims to leverage its real estate footprint to grow private credit and infrastructure strategies.
- Increased Deployment of Capital ("Dry Powder") and Accelerating Deal Momentum: Ares maintains a substantial amount of uninvested capital, or "dry powder," totaling over $150 billion as of early 2026. The company demonstrated record deployment of $46 billion in the fourth quarter of 2025 and expresses optimism about accelerating deal momentum and a record-high transaction pipeline for 2026, particularly in private credit and real assets. As this capital is deployed, it directly increases fee-paying assets and generates management fees.
- Expansion of the Wealth Management Channel: The wealth management channel is emerging as a significant growth driver for Ares. The company reported substantial year-over-year growth in wealth management AUM, which surged 69% to over $66 billion in 2025, fueled by $16 billion in equity flows into semi-liquid wealth products. This channel represents a key area for expanding its investor base and capital inflows.
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Share Repurchases
- As of the end of 2025, Ares Management had $0.4 billion remaining under its $3-billion share repurchase authorization.
- In February 2025, the company increased its remaining share repurchase authorization to $750 million and extended its plan duration until March 2026.
Share Issuance
- The Ares Strategic Income Fund significantly expanded its capital base in 2025 through continuous share offerings and new debt issuances.
- Ares raised over $20 billion in new capital commitments across diverse strategies during Q1 2025.
- Ares Management has a Dividend Reinvestment Program available for its Class A common stockholders.
Outbound Investments
- Ares Management completed the acquisition of BlueCove Limited, a London-based systematic fixed-income manager, in early 2026, establishing a new systematic credit strategy. Ares had initially acquired a minority stake in BlueCove in 2023.
- In March 2025, the company acquired the international business of GLP Capital Partners (excluding its Greater China operations), which added $45.3 billion to Ares' assets under management and broadened its real estate and digital infrastructure capabilities.
- Ares Management, through its Alternative Credit funds, made a strategic investment in Mereo Insurance Limited in early 2025, marking its entry into the reinsurance market.
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Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 108.53 |
| Mkt Cap | 75.2 |
| Rev LTM | 9,006 |
| Op Inc LTM | 1,963 |
| FCF LTM | 2,720 |
| FCF 3Y Avg | 1,803 |
| CFO LTM | 2,756 |
| CFO 3Y Avg | 1,910 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.5% |
| Rev Chg 3Y Avg | 30.3% |
| Rev Chg Q | 33.7% |
| QoQ Delta Rev Chg LTM | 8.3% |
| Op Inc Chg LTM | -3.1% |
| Op Inc Chg 3Y Avg | 91.7% |
| Op Mgn LTM | 20.9% |
| Op Mgn 3Y Avg | 23.3% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 30.1% |
| CFO/Rev 3Y Avg | 28.8% |
| FCF/Rev LTM | 29.6% |
| FCF/Rev 3Y Avg | 28.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 75.2 |
| P/S | 5.1 |
| P/Op Inc | 26.9 |
| P/EBIT | 11.4 |
| P/E | 31.2 |
| P/CFO | 15.3 |
| Total Yield | 7.3% |
| Dividend Yield | 3.3% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.4 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.6% |
| 3M Rtn | -17.0% |
| 6M Rtn | -16.0% |
| 12M Rtn | -6.3% |
| 3Y Rtn | 72.5% |
| 1M Excs Rtn | 1.9% |
| 3M Excs Rtn | -20.6% |
| 6M Excs Rtn | -23.4% |
| 12M Excs Rtn | -35.1% |
| 3Y Excs Rtn | -7.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Credit Group | 2,749 | 2,381 | 1,677 | 1,392 | 952 |
| Real Assets Group | 490 | 440 | 685 | 378 | 161 |
| Secondaries Group | 227 | 193 | 181 | 98 | |
| Private Equity Group | 182 | 194 | 326 | 355 | 614 |
| Performance income-unrealized | 110 | 305 | 107 | 1,744 | -8 |
| Administrative fees | 70 | 63 | 69 | 49 | 37 |
| Principal investment income, net of eliminations | 45 | 37 | 12 | 99 | 29 |
| Other | 44 | 27 | 12 | ||
| Net revenue of non-controlling interests in consolidated subsidiaries | 24 | 36 | 37 | 30 | 10 |
| Operations Management Group (OMG) | 20 | 24 | 25 | 8 | |
| Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation | -1 | -7 | -17 | -4 | -16 |
| Performance income of Consolidated Funds eliminated in consolidation | -28 | -14 | |||
| Management fees of Consolidated Funds eliminated in consolidation | -47 | -48 | -46 | -45 | -45 |
| Acquisition-related incentive fees | 0 | 48 | |||
| Incentive fees of Consolidated Funds eliminated in consolidation | -4 | -5 | -0 | ||
| Unallocated income of Consolidated Funds eliminated in consolidation | -8 | ||||
| Performance income (loss) reclass | -1 | 4 | |||
| Strategic Initiatives | 67 | 27 | |||
| Total | 3,885 | 3,632 | 3,056 | 4,212 | 1,764 |
Price Behavior
| Market Price | $115.23 | |
| Market Cap ($ Bil) | 25.5 | |
| First Trading Date | 05/02/2014 | |
| Distance from 52W High | -38.6% | |
| 50 Days | 200 Days | |
| DMA Price | $111.79 | $149.52 |
| DMA Trend | down | down |
| Distance from DMA | 3.1% | -22.9% |
| 3M | 1YR | |
| Volatility | 59.1% | 40.0% |
| Downside Capture | 1.73 | 1.11 |
| Upside Capture | 112.26 | 110.45 |
| Correlation (SPY) | 45.2% | 50.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.19 | 2.23 | 2.01 | 1.68 | 1.63 | 1.53 |
| Up Beta | -3.20 | 2.08 | 2.18 | 1.47 | 1.51 | 1.39 |
| Down Beta | 1.60 | 2.26 | 2.20 | 2.28 | 1.95 | 1.82 |
| Up Capture | 195% | 169% | 101% | 97% | 140% | 298% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 20 | 29 | 62 | 129 | 404 |
| Down Capture | 103% | 241% | 227% | 163% | 139% | 109% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 22 | 34 | 64 | 123 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARES | |
|---|---|---|---|---|
| ARES | -18.5% | 40.3% | -0.41 | - |
| Sector ETF (XLF) | 8.9% | 14.7% | 0.36 | 56.8% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | 50.7% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | -4.1% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -3.4% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 25.1% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | 34.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARES | |
|---|---|---|---|---|
| ARES | 19.2% | 37.0% | 0.56 | - |
| Sector ETF (XLF) | 9.6% | 18.7% | 0.40 | 64.4% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 69.4% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | 5.3% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 14.6% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 50.3% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 30.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARES | |
|---|---|---|---|---|
| ARES | 27.8% | 36.5% | 0.78 | - |
| Sector ETF (XLF) | 12.7% | 22.2% | 0.53 | 58.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 63.7% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 3.9% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 20.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 48.7% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | -11.2% | 0.1% | -19.8% |
| 11/3/2025 | -1.6% | -1.4% | 4.9% |
| 8/1/2025 | -1.5% | 0.8% | -3.4% |
| 5/5/2025 | -0.7% | 7.3% | 5.1% |
| 2/5/2025 | -2.9% | -4.6% | -21.5% |
| 11/1/2024 | -1.4% | 5.3% | 8.1% |
| 8/2/2024 | -6.6% | -6.8% | -1.9% |
| 5/2/2024 | 2.2% | 5.3% | 6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 3.1% | 4.9% | 6.5% |
| Median Negative | -1.6% | -2.4% | -8.2% |
| Max Positive | 8.0% | 11.5% | 18.3% |
| Max Negative | -11.2% | -6.8% | -21.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Fundraising | Higher New | Actual: 93.00 Bil for 2025 | |||||
Prior: Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Annual Fundraising | 93.00 Bil | ||||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.